TIDEWATER INC — Director's Dealing 2003

Aug 25, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2003-08-21

Reporting Person: MURRILL PAUL W (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-21	Phantom Stock Units	$0	A	32.91	Acquired	1988-08-08	Common Stock (32.91)	Direct

Footnotes

F1: Acquired pursuant to Tidewater Inc. Deferred Compensation Plan for Outside Directors.

F2: The security convers to comon stock on a one-for-one basis.

F3: Phantom Stock Units will be paid in cash upon termination of Board service or such other date chosen by director in accordance with Tidewater's Deferred Compensation Plan for Outside Directors.